Securian Asset Management Inc. Cuts Stock Position in Essex Property Trust, Inc. (NYSE:ESS)

Securian Asset Management Inc. lessened its position in Essex Property Trust, Inc. (NYSE:ESS) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,682 shares of the real estate investment trust’s stock after selling 100 shares during the quarter. Securian Asset Management Inc.’s holdings in Essex Property Trust were worth $1,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lindbrook Capital LLC grew its stake in Essex Property Trust by 111.5% during the 4th quarter. Lindbrook Capital LLC now owns 110 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Essex Property Trust by 112.3% during the 1st quarter. Venturi Wealth Management LLC now owns 138 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 73 shares in the last quarter. Vima LLC acquired a new position in Essex Property Trust during the 4th quarter worth $40,000. Bear Mountain Capital Inc. acquired a new position in Essex Property Trust during the 4th quarter worth $55,000. Finally, Versant Capital Management Inc grew its stake in Essex Property Trust by 15,050.0% during the 2nd quarter. Versant Capital Management Inc now owns 303 shares of the real estate investment trust’s stock worth $82,000 after purchasing an additional 301 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

Essex Property Trust Stock Performance

ESS traded down $1.87 on Monday, hitting $280.77. 117,168 shares of the company traded hands, compared to its average volume of 383,267. The company has a 50 day moving average of $277.13 and a 200-day moving average of $254.87. The company has a quick ratio of 3.19, a current ratio of 1.62 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $18.03 billion, a PE ratio of 34.55, a PEG ratio of 3.96 and a beta of 0.86. Essex Property Trust, Inc. has a 12-month low of $203.85 and a 12-month high of $292.37.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.85 by ($2.40). The business had revenue of $442.36 million for the quarter, compared to analysts’ expectations of $433.26 million. Essex Property Trust had a return on equity of 9.14% and a net margin of 30.31%. During the same period last year, the company posted $3.77 earnings per share. Sell-side analysts anticipate that Essex Property Trust, Inc. will post 15.53 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, June 28th were issued a $2.45 dividend. The ex-dividend date was Friday, June 28th. This represents a $9.80 annualized dividend and a dividend yield of 3.49%. Essex Property Trust’s dividend payout ratio is currently 119.80%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ESS shares. Wells Fargo & Company upped their price objective on Essex Property Trust from $232.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price objective on shares of Essex Property Trust in a research report on Friday, June 28th. Truist Financial upped their price objective on Essex Property Trust from $255.00 to $282.00 and gave the stock a “hold” rating in a research report on Monday, June 24th. StockNews.com raised Essex Property Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada upped their price objective on Essex Property Trust from $284.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $266.75.

Insider Activity

In related news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Keith R. Guericke sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $274.57, for a total value of $2,745,700.00. Following the completion of the transaction, the director now directly owns 16,118 shares of the company’s stock, valued at approximately $4,425,519.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Angela L. Kleiman sold 3,780 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $278.27, for a total value of $1,051,860.60. Following the completion of the transaction, the chief executive officer now directly owns 9,494 shares of the company’s stock, valued at $2,641,895.38. The disclosure for this sale can be found here. Insiders own 3.80% of the company’s stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.